The National Company Law Appellate Tribunal (NCLAT) has allowed JSW Steel to acquire Bhushan Power and Steel for Rs 19,700 crore under the insolvency law, providing immunity to the new owners from ongoing criminal...
Steel
Govt plans to sell 5% stake in SAIL via OFS, may rake in Rs 1,000 crore
The government is planning to sell 5 per cent stake in Steel Authority of India Ltd (SAIL) through an offer for sale, which could fetch about Rs 1,000 crore to the exchequer, an official said. Officials from the...
JSW Steel keen on acquiring more iron ore mines in Odisha
JSW Steel is closely watching all the upcoming iron ore mine auctions, as the company is in the final stages to acquire land in Odisha for a proposed greenfield project, a top executive said. “We remain interested in...
ArcelorMittal makes $1.6 bn equity contribution for Essar Steel acquisition
ArcelorMittal’s equity contribution for the acquisition of Essar Steel India (now AM/NS India) is $1.6 billion, the company said while announcing its 2019 financial results. Described as its biggest achievement in...
BPSL Fraud: NCLAT reserves decision on immunity to JSW
An appellate tribunal on Tuesday reserved its judgement on the contentious matter of whether JSW Steel, the successful bidder for debt-ridden Bhushan Power and Steel, would have immunity from offences committed by the...
Govt pushing for demerger of NMDC’s Chhattisgarh steel venture
The central government’s disinvestment arm is pushing for a demerger of NMDC’s steel venture in Chhattisgarh and a strategic stake sale of the unit despite objections from the steel ministry, people in the know of...
JSW Steel arm completes sale of 39% stake in Georgian JV firm
JSW Steel on Wednesday said that its arm, JSW Steel (Netherlands) B V, has completed the sale of 39 per cent stake held in Geo Steel LLC to Georgian Steel Group Holdings Ltd. JSW Steel (Netherlands) B V had entered into...
Bidder JSW Steel a related party, can’t be given immunity: ED to NCLAT
The ED has told the appellate bankruptcy court that JSW Steel will not get immunity from the criminal charges being faced by Bhushan Power & Steel if it acquires the latter, because both are related parties. The...
NCLAT defers hearing on JSW Steel’s Bhushan Power buyout till Jan 31
On October 10, the ED had attached assets worth over Rs 4,025 crore of debt-ridden BPSL in connection with its money laundering probe linked to an alleged bank loan fraud by its former promoters of BPSL. An appellate...
Uttam Galva counters Deutsche’s $20-million recovery plea at NCLT
Uttam Galva Steel on Tuesday challenged Deutsche Bank‘s application at the National Company Law Tribunal (NCLT) for the recovery of $20 million (Rs 142 crore). The Singapore branch of Deutsche Bank had given a $20...
NCLAT asks investigative agencies to clarify over JSW Steel’s immunity in BPSL matter
The National Company Law Appellate Tribunal (NCLAT) has asked the investigative agencies like Enforcement Directorate, SFIO and the CBI to file an affidavit clarifying whether JSW Steel, a successful bidder for Bhushan...
NCLAT seeks clarity from govt, agencies on JSW Steel immunity
The National Company Law Appellate Tribunal (NCLAT) on Monday directed the Enforcement Directorate (ED) and other investigative agencies to clarify whether JSW Steel, the successful bidder for the debt-laden Bhushan...
